27.02.2023 10:49 AM
GBPJPY Potential for bullish rise to previous swing high

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Description :

Looking at the H4 chart, my overall bias for GBPJPY is bullish with the current price being above the Ichimoku cloud. To add confluence to this bias, price is along an ascending trendline.

Looking for a buy entry at 163.760, where the recent high is to ride the bullish momentum. Stop loss will be at 161.710 where the overlap support and 23.6% Fibonacci line are. Take profit will be at 168.918, where the overlap resistance is.

It's also worth noting that there is an intermediate resistance at 165.310, where price might struggle to break though.

Trading Recommendation

Entry: 163.760

Reason for Entry: Recent high is to ride the bullish momentum

Take Profit: 168.918

Reason for Take Profit:

Overlap resistance

Stop Loss: 161.710

Reason for Stop Loss:

Overlap support and 23.6% Fibonacci line

Dean Leo,
Analytical expert of InstaForex
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